Ceat signs PPA with Greenzest Solar

CEAT has signed a Power Purchase Agreement (PPA) with Greenzest Solar for the supply of electricity by Greenzest to the company. The company will invest Rs. 5 crore in Greenzest. 

The process requires setting up a captive solar power project in Maharashtra by Greenzest. In this regard, Ceat has agreed to invest an amount of approximately Rs. 5 crore to subscribe equity shares of 26 per cent of the total equity share capital of Greenzest. 

Ceat manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps. 

On Tuesday, the stock of Ceat opened at Rs. 981 per share against Friday’s close of Rs. 979. The shares of the company reached an intraday high of almost 2 per cent. At closing hours, the stock was trading at Rs 985.55, 0.59 per cent higher than the previous close. It reached an intraday high of Rs. 999.80 and an intraday low of Rs. 975 per share on the BSE. The 52-week high stood at Rs. 1,455 and 52-week low was at Rs. 935.50 per share on the BSE.